Probe.ly raises €550K to expand customer base to larger enterprises

Probe.ly closes a seed round worth €550,000 to expand its customer base to include larger enterprises and to develop a new version of its cybersecurity product for web apps.

With this round, Busy Angels, Novabase and Shilling Capital join the investors of the Portuguese web app security startup.

“We believe that Proble.ly presents a highly specialized and differentiated solution and team to the market, with a clear bet on innovation”

Bred and buttered at Bright Pixel, Probe.ly acts like a probe on web applications, detecting vulnerabilities or security issues that, when fixed, may prevent unauthorized access that intends to modify, destroy, or disclose sensitive information.

With a presence in nine countries and around 20 clients, the team now intends to shift focus.

Nuno Loureiro

“During the first year we were developing and validating our product with the market and now we intend to invest more in the development of the business,” said Nuno Loureiro, founder and CEO of Probe.ly, in a statement.

“We want to grow our customer base and for that we need a strong marketing and sales team. We will also start working on a new Enterprise version, which takes into account the needs of large companies and will allow us to open new markets,” he added.

Developed for small and medium-sized companies, Probe.ly has raised 1.250 million euros to date.

In the current round, Probe.ly attracted three new investors.

Ana Paula Reis

Ana Paula Reis, manager of Busy Angels, stated that “our investment in Probe.ly reflects the recognition of the great quality of the team and the product they have developed, in a market with relevance, size and growth such as IT security.”

For Novabase Capital, this is a normal step in its strategy.

Maria Gil

“Novabase Capital is focused on technologies that have an impact on the global context of Digital Transformation, where cybersecurity is increasingly important,” said Novabase Executive Director Maria Gil.

“We believe that Proble.ly presents a highly specialized and differentiated solution and team to the market, with a clear bet on innovation, which justifies our investment,” she added.

Strong growth in the cybersecurity industry has led Shilling Capital Partners to join this round of funding.

Hugo Gonçalves Pereira

“We believe that Probe.ly’s technology solution can play an important role in how global platforms and organizations will protect themselves from cyber attacks in the future,” said Hugo Gonçalves Pereira, Partner at Shilling.

Probe.ly already has clients in the areas of media, insurtech and e-commerce, including RTP, BBC, and Introhive, and has received funding from the European Commission SME Instrument, which aims to boost growth innovative companies in the European Union.

Tim Hinchliffe is the editor in chief at Portugal Startups. Previously he was an editor at Colombia Reports in South America and a reporter for The Ghanaian Chronicle in West Africa. He covers all tech and startup related news. Principal at Espacio.